New Bank Accounts. Open or otherwise establish, or deposit or otherwise transfer funds into, any bank account (other than the bank accounts listed on Schedule 3.28) in the name or otherwise for the benefit of Holdings, Borrower or any Subsidiary unless Agent shall have received a Deposit Account Control Agreement, executed and delivered by Borrower and the bank or other financial institution at which such account is maintained.
New Bank Accounts. Should the need arise to establish a new bank account, prior approval shall be sought from a group made up of the following: Treasurer, Senior Pastor, Chair of the Administration Board, and Moderator. All bank accounts shall be FDIC insured. Approval to open new accounts will be conveyed to the Church Administrator by a member of this group via a meeting, phone conference, or written approval. In the event that not all of the individuals serving on the group are available, the Treasurer and one other person from the group may act, with notification of said transaction given to the other individuals as soon as possible. Notification of the new account shall be given at the next Administration Board meeting and shall be incorporated into the minutes of that meeting.
New Bank Accounts. Each Borrower agrees not to open any new bank account into which proceeds of Collateral are to be delivered or deposited unless concurrently with the opening of such bank account (unless such account constitutes an Excluded Account), the Borrowers enter into a Deposit Account Control Agreement with respect to such bank account; provided, that if any new bank account is acquired in connection with a Permitted Acquisition, such Borrower shall not be required to enter into such Deposit Account Control Agreement until such time as is required pursuant to Sections 6.12 or 6.14 hereof (or such longer period as may be approved in writing by the Administrative Agent at its sole option). Upon compliance with the terms set forth above, such bank account shall constitute a Controlled Account for purposes of this Agreement. Notwithstanding anything to the contrary in this Section 2.14, the Borrowers may maintain one or more accounts constituting Excluded Accounts, provided that if such account ceases to be an Excluded Account, (i) Borrowers shall cause such account to be a Controlled Account within thirty (30) days of such event and (ii) pending such account becoming a Controlled Account, Borrowers shall cause the daily transfer of funds in such account into another Controlled Account.
New Bank Accounts. Each of the Parent and the Borrower will not, and will not permit any of its Subsidiaries to, open or otherwise establish, or deposit or otherwise transfer funds into, any bank account (other than the bank accounts listed on Schedule 7.25) in the name or otherwise for the benefit of any Loan Party unless the Administrative Agent shall have received a Deposit Account Control Agreement, executed and delivered by such Loan Party and the bank or other financial institution at which such account is maintained.
New Bank Accounts. Buyer acknowledges and agrees that the bank accounts identified in Section 6.14 of the Disclosure Schedule shall be transferred to the Retained Group effective upon Closing. Consequently, on or before the Closing Date, Buyer shall establish, with the cooperation of the Seller Parties, suitable bank accounts such that, commencing immediately after the Closing Date, Buyer can utilize such accounts in connection with the operation of the business of the Company Group and will no longer need to utilize the bank accounts identified in Section 6.14 of the Disclosure Schedule. All collections attributable to the operation of the business of the Company Group up to and including the close of business on the Closing Date shall be for the benefit of the Retained Group, and all collections attributable to the operation of the business after the close of business on the Closing Date shall be for the benefit of the Company Group and Buyer. The Seller Parties and the Company Group agree to make appropriate payments to reflect such intention.
New Bank Accounts. The Borrower shall, and shall cause the Subsidiaries to, promptly give notice to the Subordinated Agent of the creation of any bank accounts after the date hereof. Prior to any funding of such account and in no event later than 3 Business Days after the opening of such account, the Borrower shall provide the Subordinated Agent with such information with respect to such accounts and other documentation relating thereto as Subordinated Agent may request including a letter from the bank in the form of the Bank Account Letter as attached as Exhibit A to the Security Agreement.
New Bank Accounts. Each Borrower agrees not to open any new bank account into which proceeds of Collateral are to be delivered or deposited unless such bank account is established at CIT (unless such account constitutes an Excluded Account). Any such bank account shall constitute a Controlled Account for purposes of this Agreement. Notwithstanding anything to the contrary in this Section 2.14, the Borrowers may maintain one or more accounts constituting Excluded Accounts, provided that if such account ceases to be an Excluded Account, (i) Borrowers shall cause such account to be a Controlled Account within thirty (30) days of such event and (ii) pending such account becoming a Controlled Account, Borrowers shall cause the daily transfer of funds in such account into another Controlled Account.
New Bank Accounts. 40 Section 6.15. Further Assurances...........................................40 ARTICLE VII
New Bank Accounts. The Company and each Guarantor shall not, and shall not permit any of its respective Restricted Subsidiaries to, open or otherwise establish, or deposit or otherwise transfer funds into or hold funds in, any bank account in the name or otherwise for the benefit of the Company or such Subsidiary with a balance in excess of $500,000 (other than zero-balance accounts with a balance of equal to or less than $20,000 that are swept daily into an account controlled by the First Lien Administrative Agent), unless the Administrative Agent or the First Lien Administrative Agent shall have received an Account Control Agreement within 30 days after the establishment of such account (or, with respect to any such bank account that was opened or otherwise established prior to the Effective Date, within the time period required by Section 7.16) or such other time period as the Administrative Agent or the First Lien Administrative Agent in its reasonable discretion agrees, in form and substance reasonably satisfactory to the Administrative Agent or the First Lien Administrative Agent, as applicable, in its sole discretion, executed and delivered by the applicable Loan Party and the bank or other financial institution at which such account is maintained, unless such requirement is waived by the Administrative Agent and the First Lien Administrative Agent in writing.
New Bank Accounts. Not less than five Business Days prior to the proposed opening or establishment of any new account (including any “deposit account”, “securities account” and “commodity account” as such terms are defined in the Uniform Commercial Code) in the name of or on behalf of the Issuer or any Restricted Subsidiary with any bank, financial institution, depositary institution, broker, securities intermediary, commodity intermediary or other Person engaged in similar activities (and in each case, other than any such accounts that would be considered an “Excluded Asset” pursuant to clause (viii) of the definition thereof in the good faith determination of the Issuer), the Issuer shall give written notice thereof to each Holder (in accordance with and subject to the provisions of Section 4.02(k)), the Trustee and, if different, the Collateral Agent. Such notice shall identify the purpose of such account, the name to be on the account (or the Person on whose behalf such account is to be opened or established), the amount expected to be held in such account and the Person with which such account is to be opened or established (together with similar information for all other existing accounts of the Issuer and its Restricted Subsidiaries).
